WTIUSD Chart Technical Outlook Oil prices stall below $79.30 but downside attempts remain limited so far.
Crude prices (USOIL) stalled on Thursday with investors assessing the Fed’s hawkish interest rate projections, yet with the near-term bullish bias intact, on track to its best weekly performance since early April.
Oil prices have drawn support from reports by OPEC and Goldman Sachs anticipating a tighter supply over the coming months, offsetting the disappointment of the weak OPEC+ agreement to extend supply cuts.
Four-hour charts show the US benchmark WTI struggling to confirm above the descending trendline from April highs, with $79.30 capping bulls for now. Above here, the next target is 80.70. On the other hand, a reversal below $77.26 would activate a small H&S pattern, increasing bearish pressure towards $75.30.
